Property tax classification bill adjusts assessment ratios for certain residences on leased or rented property.

The bill amends South Carolina Code to redefine legal residences for property tax purposes. It includes residences on leased or rented property, occupied by the owner, and those held in trust for income beneficiaries. The assessment ratio for these residences is set at four percent of the fair market value. The bill also specifies that the four percent ratio does not apply to rented mobile homes or residences, or to businesses on the property. The changes take effect upon approval by the Governor.

Property tax classification bill adjusts assessment ratios for certain residences on leased or rented property.

The bill amends South Carolina Code to redefine legal residences for property tax purposes. It includes residences on leased or rented property, occupied by the owner, and those held in trust for income beneficiaries. The assessment ratio for these residences is set at four percent of the fair market value. The bill also specifies that the four percent ratio does not apply to rented mobile homes or residences, or to businesses on the property. The changes take effect upon approval by the Governor.